Failing At The Highs
S&Ps are at 1095.80 after the market failed above 1100. Once again, this market has returned into a heavily traded range between 1098 and 1094. We expect a choppy, thin trade in this area.
Earlier, we saw some large-scale buying up over the 1100 level, but locals were quick to sell at the highs. Overall, expect a choppy and volatile trade to continue. Strength in the market has been reinforced by the Dow, which is up strongly again today.
Nasdaq futures at 1369, off the highs. On the downside, we have key support at 1360 to 1357.
Keep an eye on key stocks and sectors, such as the Semiconductors
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PowerRating) and Microsoft
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PowerRating). They will have clues for the afternoon action.